adminsix to 12 months, range between US$500 and US$5 000 at an interest rate of 10 percent per annum.
Metropolitan Bank and FBC are administering the funds.
NSSA general manager Mr James Matiza said the two banks have indicated that some beneficiaries had since finished repaying the loans.
The first batch to benefit has since started repaying with some reapplying for more funds,” he said. “A bigger chunk of the money has been taken,” he added.
Mr Matiza said the facility would run for two years after which its performance would be reviewed.
“This will then determine whether to continue lending more money to the retrenchees or not,” he said.
He said the authority could not do anything to assist the retrenchees on the question of collateral.
“The applicants should meet the bank requirements to access the loans,” he said.
Most of the retrenchees have criticised NSSA and the banks for setting rigid requirements.
Since 2009, over 4 000 employees have been retrenched with the banking sector being the hardest hit. — New Ziana.
Online Reporter